Europe Automotive Steel Wheels Market is expected to reach US$ 1623.04 Million by 2028

Passenger vehicle Segment to Dominate Europe Automotive Steel Wheels Market during 2020–2028

According to The Insight Partners market research study on “Europe Automotive Steel Wheels Market Forecast to 2028 – COVID-19 Impact and Analysis - by Rim; Vehicle; End User, is expected to reach US$ 1623.04 Million by 2028 from US$ 1230.25 Million in 2020. The market is estimated to grow at a CAGR of 4.2% from 2021-2028. The Europe Automotive Steel Wheels Market report provides trends prevailing in the along with the drivers and restraints pertaining to the market growth. Rising Demand for Lightweight Steel Wheels are the major factor driving the growth of the Europe Automotive Steel Wheels Market However, issues associated with increase in Popularity of Alloy Wheel shinder the growth of North Automotive Steel Wheels Market.

The Europe automotive steel wheels market is segmented based on rims size, vehicle type, end user and country. Based market is segmented as Rim Size 13-15 Inches, 16-18 Inches, 19-21 Inches, and more than 21 Inches. In 2020, the 16-18 Inch segment held the largest share Europe automotive steel wheels market. Based on vehicle type the automotive steel wheels market is divided into Heavy Commercial Vehicle, Light Commercial Vehicle, and Passenger Vehicle. Passenger Vehicle is expected to the fastest growing segment over the forecast period. On the basis of user the market is segmented into OEM, and Aftermarket. The OEM segment accounts for largest market share in the 2020.

Topy Industries limited, Steel Strips Wheels limited, Klassic Wheels Ltd., IOCHPE-MAXION SA, Alcar Holding GMBH, Inc, Accuride Corporation are among the leading companies in the Europemineral insulated heating cable market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Accuride Corporation announced the introduction of the lightest steel wheel trailer product portfolio for Europe’s commercial vehicle industry. Accuride’s new light weight wheel offers up to four kilograms in weight savings compared to Accuride’s current offering which could represent 32 kilograms weight savings in a tractor-trailer combination.

Due to COVID-19 outbreak, Spain, Italy, Germany, UK, and France are some of the worst affected member states in the European region. Businesses in the region are facing severe financial difficulties as they either had to suspend their operations or reduce their activities in a substantial manner. Due to business lockdowns, travel bans, and supply chain disruptions, the region is anticipated to see an economic slowdown in 2020 and most likely in 2021 also. The entire region is heavily hit by the COVID-19 which has resulted into closure of tech giants and many industrial sectors. This closure has obstructed the company’s investment decision on different software. The region is a major manufacturing and industrial hub for various sectors such as machinery equipment, manufacturing, and logistics. However, due to business lockdowns, travel bans, and supply chain disruptions, the region has witnessed decline in activities in above-mentioned industries. Decline in activities of above-mentioned industries has resulted into lesser development of automotive steel wheels and accessories

The report segments the Europe Automotive Steel Wheels Market as follows:

Europe Automotive Steel Wheels Market – By Rim Size

• 13-15 Inches
• 16-18 Inches
• 19-21 Inches
• More than 21 inches

Europe Automotive Steel Wheels Market – By Vehicle Type

• Heavy Commercial Vehicle
• Light Commercial Vehicle
• Passenger Vehicle

Europe Automotive Steel Wheels Market – By End User

• OEM
• Aftermarket

Europe Automotive Steel Wheels Market – By Country

• Germany
• France
• Italy
• UK
• Russia
• Rest of Europe